The domestic LED leading enterprise Sanan Optoelectronics (600703) has finally put into production in Anhui Sanan Optoelectronics Co., Ltd., a wholly-owned subsidiary of Wuhu, Anhui. I believe this should be regarded as the best gift received by Lin Xiucheng, the chairman of Sanan Optoelectronics, this year.
Yesterday, Sanan Optoelectronics announced that Anhui Sanan Optoelectronics Co., Ltd. Wuhu Optoelectronics Industrialization Phase I project ordered 107 MOCVD equipment (LED epitaxial wafer production equipment), and 48 units have been put in place. A few days ago, Anhui Sanan Optoelectronics received another 60 million MOCVD equipment subsidies from the Wuhu Municipal Government. According to this calculation, the government subsidies harvested by Anhui Sanan Optoelectronics from Wuhu have reached 585 million yuan. The domestic capital market seems to be very recognizable as the domestic LED industry development model represented by Sanan Optoelectronics, resulting in LED concept stocks staying at high levels for a long time.
Huge subsidy
On January 27, Sanan Optoelectronics Annual Report showed that Sanan Optoelectronics' operating income in 2010 was 863 million yuan, up 83.42% year-on-year. The overall gross profit margin of the products increased by 12.79 percentage points to 47.39%, and the net profit was 419 million yuan, a year-on-year increase. 132.73%. Even after deducting the net profit of non-recurring gains and losses including government subsidies of 253 million yuan, it still reached 239 million yuan, an increase of 91.07%.
It is worth noting that the revenue of Sanan Optoelectronics LED application products has increased by more than 5.5 times last year, reaching 223 million yuan, accounting for 26% of total revenue, and the gross profit margin of products is as high as 40.28%, which has become a new profit for Sanan Optoelectronics. Plate.
The local government of Wuhu to develop Sanguang Optoelectronics to develop the local LED industry, not only to subsidize huge amounts of money, but also to provide Sanan Optoelectronics with a sustainable future.
According to the investment agreement, Wuhu Municipal Government granted Sanan Optoelectronics a subsidy of 200 MOCVD equipment, which enabled Sanan Optoelectronics to receive equipment subsidies of 525 million yuan in 2010. As a condition of investment, Sanan Optoelectronics has also received an order for 600 million yuan of LED street lamps in Wuhu. From 2010 onwards, it will purchase 200 million yuan each year.
This is obviously the root cause of the surge in Sanan Optoelectronics LED application products. Excluding the 200 million yuan LED street light orders, Sanan Optoelectronics' operating revenue in 2010 will increase from 83.42% to 41%.
"The normal gross profit margin of LED street lights should be around 25%~28%." Chen Bin, general manager of Guangdong Zhonglong Company, the leading LED lighting company in China, told the "First Financial Daily" yesterday that Sanan Optoelectronics uses its own chip to do Street lights should be cheaper, but with a gross profit margin of up to 40%, Sanan Optoelectronics' LED street lights are not cheap.
In this regard, the person in charge of Sanan Optoelectronics said that the gross margin of products ordered by the government does have a high problem. "If you calculate a set of street lamps with 3,000 yuan, 200 million yuan is 66,000 sets of street lamps, and 600 million yuan is 200,000 sets of street lamps. It is hard to imagine that there are so many LED street lamps installed in a third- and fourth-level city in Wuhu," Chen Bin said.
In addition, Sanan Optoelectronics is also preparing to move to Huainan City, Anhui Province.
In December last year, Sanan Optoelectronics announced that Sino-Core PV Co., Ltd., a joint venture with EMCORE Corporation of the United States, was selected to locate Huainan City, Anhui Province, with a total of 8 billion yuan. The total planned construction scale is an annual output of 1000MW photovoltaic systems and components. The system and components are 200MW, and the production line was completed and put into production at the end of 2011.
The local government of Huainan City will provide Nikken Photovoltaic Co., Ltd. with two phases of project industrial land no less than 1600 mu and financial subsidies of 500 million yuan, and subsidies of 1.4 yuan per product for sale of 1 yuan, no more than 1.4 billion yuan. Series of preferential policies. Also as an investment condition, Huainan City also promised to purchase Sanan Optoelectronics' LED street lamps for 450 million yuan within three years, and purchase 150 million yuan each year.
This also means that Sanan Optoelectronics' 2011 LED street light orders are only 350 million yuan in the two markets of Wuhu and Huainan.
LED bubble fades out
The above information may directly explain the question of Li Bingjie, the chairman of the global LED giant Taiwan Jingyuan Optoelectronics: the mainland LED upstream enterprises represented by Sanan Optoelectronics basically tend to develop vertically in the industry, and the battle line is very long, from LED epitaxial films to LED packaging, up to LED applications, "This kind of operation is difficult to have industrial partners, all of which are competitors. And it is impossible to have enough LED professionals to expand production."
The answer should be that ready-made high-margin orders are at your fingertips. Why not? I believe this is also the root cause of another LED concept "star" Dehao Runda (002005) to do LED industry. Interestingly, the reason for the rapid growth of Dehao Runda last year was almost the same as that of Sanan Optoelectronics.
Dehao Runda's 2010 performance report released on February 23 showed that the revenue last year was 2.658 billion yuan, a year-on-year increase of 38.32%, and the net profit was 196 million yuan, a year-on-year increase of 300.02%. The board of directors of Dehao Runda said that the company's LED project received a large amount of financial subsidies from the government, resulting in a substantial increase in net profit. However, if calculated based on operating profit of 23.29 million yuan, the overall gross profit margin of Dehao Runda last year was less than 1%.
“It’s hard to imagine that LED applications that have not been baptized by the market will be competitive in the market in the future.†Chen Bin pointed out that governments around the country are now developing LED products for LED lighting products in the local LED industry. Procurement has formed local protectionism.
Kang Wei, director of Huarui Investment, said that at present, the domestic LED industry still lacks core competitiveness, and the government's subsidies and support at this time are much stronger, and there is nothing wrong with it. However, from the perspective of investment, the entire domestic LED industry and market have a great impact on policy orientation. In the future, it should be developed in a more market-oriented manner. "The large orders currently obtained should also be phased."
Zibo, director of the National Semiconductor Lighting Engineering R&D and Industry Alliance, also said that the scale of the top ten LED chip companies in China is not enough for the scale of Taiwan’s Jingyuan Optoelectronics in 2009, and the competition in the entire LED market is a global market competition. pattern. From this perspective, LED companies can be understood by making government resources bigger and stronger.
But the problem is that all over the country have thrown attractive LED investment strategies, which has led many companies to purchase hundreds of MOCVD equipment. “Does the local government have any estimates, do these equipments have enough professionals to manage and operate?†Zibo pointed out that a qualified epitaxial engineer can operate up to two or three devices. “So many mainland LED companies have Holding a box of money directly, going to Taiwan to grab people, formed a vicious competition."
Sanan Optoelectronics reported that at present, Sanan Optoelectronics has 77 MOCVD equipment. By June this year, the company's MOCVD equipment will reach 144, with an annual production capacity of 5.6 million pieces of epitaxial wafers. In order to eliminate investors' concerns, Sanan Optoelectronics emphasized in the financial report that the company has already reserved a large number of LED technology professionals through external recruitment and training.
An industry insider who recently contacted Li Bingjie revealed that Li Bingjie is very worried about the “very rich†mainland LED companies going to Jingyuan Optoelectronics to dig people, and even dare not send people to work in the mainland joint venture factory.
Yesterday, Sanan Optoelectronics announced that Anhui Sanan Optoelectronics Co., Ltd. Wuhu Optoelectronics Industrialization Phase I project ordered 107 MOCVD equipment (LED epitaxial wafer production equipment), and 48 units have been put in place. A few days ago, Anhui Sanan Optoelectronics received another 60 million MOCVD equipment subsidies from the Wuhu Municipal Government. According to this calculation, the government subsidies harvested by Anhui Sanan Optoelectronics from Wuhu have reached 585 million yuan. The domestic capital market seems to be very recognizable as the domestic LED industry development model represented by Sanan Optoelectronics, resulting in LED concept stocks staying at high levels for a long time.
Huge subsidy
On January 27, Sanan Optoelectronics Annual Report showed that Sanan Optoelectronics' operating income in 2010 was 863 million yuan, up 83.42% year-on-year. The overall gross profit margin of the products increased by 12.79 percentage points to 47.39%, and the net profit was 419 million yuan, a year-on-year increase. 132.73%. Even after deducting the net profit of non-recurring gains and losses including government subsidies of 253 million yuan, it still reached 239 million yuan, an increase of 91.07%.
It is worth noting that the revenue of Sanan Optoelectronics LED application products has increased by more than 5.5 times last year, reaching 223 million yuan, accounting for 26% of total revenue, and the gross profit margin of products is as high as 40.28%, which has become a new profit for Sanan Optoelectronics. Plate.
The local government of Wuhu to develop Sanguang Optoelectronics to develop the local LED industry, not only to subsidize huge amounts of money, but also to provide Sanan Optoelectronics with a sustainable future.
According to the investment agreement, Wuhu Municipal Government granted Sanan Optoelectronics a subsidy of 200 MOCVD equipment, which enabled Sanan Optoelectronics to receive equipment subsidies of 525 million yuan in 2010. As a condition of investment, Sanan Optoelectronics has also received an order for 600 million yuan of LED street lamps in Wuhu. From 2010 onwards, it will purchase 200 million yuan each year.
This is obviously the root cause of the surge in Sanan Optoelectronics LED application products. Excluding the 200 million yuan LED street light orders, Sanan Optoelectronics' operating revenue in 2010 will increase from 83.42% to 41%.
"The normal gross profit margin of LED street lights should be around 25%~28%." Chen Bin, general manager of Guangdong Zhonglong Company, the leading LED lighting company in China, told the "First Financial Daily" yesterday that Sanan Optoelectronics uses its own chip to do Street lights should be cheaper, but with a gross profit margin of up to 40%, Sanan Optoelectronics' LED street lights are not cheap.
In this regard, the person in charge of Sanan Optoelectronics said that the gross margin of products ordered by the government does have a high problem. "If you calculate a set of street lamps with 3,000 yuan, 200 million yuan is 66,000 sets of street lamps, and 600 million yuan is 200,000 sets of street lamps. It is hard to imagine that there are so many LED street lamps installed in a third- and fourth-level city in Wuhu," Chen Bin said.
In addition, Sanan Optoelectronics is also preparing to move to Huainan City, Anhui Province.
In December last year, Sanan Optoelectronics announced that Sino-Core PV Co., Ltd., a joint venture with EMCORE Corporation of the United States, was selected to locate Huainan City, Anhui Province, with a total of 8 billion yuan. The total planned construction scale is an annual output of 1000MW photovoltaic systems and components. The system and components are 200MW, and the production line was completed and put into production at the end of 2011.
The local government of Huainan City will provide Nikken Photovoltaic Co., Ltd. with two phases of project industrial land no less than 1600 mu and financial subsidies of 500 million yuan, and subsidies of 1.4 yuan per product for sale of 1 yuan, no more than 1.4 billion yuan. Series of preferential policies. Also as an investment condition, Huainan City also promised to purchase Sanan Optoelectronics' LED street lamps for 450 million yuan within three years, and purchase 150 million yuan each year.
This also means that Sanan Optoelectronics' 2011 LED street light orders are only 350 million yuan in the two markets of Wuhu and Huainan.
LED bubble fades out
The above information may directly explain the question of Li Bingjie, the chairman of the global LED giant Taiwan Jingyuan Optoelectronics: the mainland LED upstream enterprises represented by Sanan Optoelectronics basically tend to develop vertically in the industry, and the battle line is very long, from LED epitaxial films to LED packaging, up to LED applications, "This kind of operation is difficult to have industrial partners, all of which are competitors. And it is impossible to have enough LED professionals to expand production."
The answer should be that ready-made high-margin orders are at your fingertips. Why not? I believe this is also the root cause of another LED concept "star" Dehao Runda (002005) to do LED industry. Interestingly, the reason for the rapid growth of Dehao Runda last year was almost the same as that of Sanan Optoelectronics.
Dehao Runda's 2010 performance report released on February 23 showed that the revenue last year was 2.658 billion yuan, a year-on-year increase of 38.32%, and the net profit was 196 million yuan, a year-on-year increase of 300.02%. The board of directors of Dehao Runda said that the company's LED project received a large amount of financial subsidies from the government, resulting in a substantial increase in net profit. However, if calculated based on operating profit of 23.29 million yuan, the overall gross profit margin of Dehao Runda last year was less than 1%.
“It’s hard to imagine that LED applications that have not been baptized by the market will be competitive in the market in the future.†Chen Bin pointed out that governments around the country are now developing LED products for LED lighting products in the local LED industry. Procurement has formed local protectionism.
Kang Wei, director of Huarui Investment, said that at present, the domestic LED industry still lacks core competitiveness, and the government's subsidies and support at this time are much stronger, and there is nothing wrong with it. However, from the perspective of investment, the entire domestic LED industry and market have a great impact on policy orientation. In the future, it should be developed in a more market-oriented manner. "The large orders currently obtained should also be phased."
Zibo, director of the National Semiconductor Lighting Engineering R&D and Industry Alliance, also said that the scale of the top ten LED chip companies in China is not enough for the scale of Taiwan’s Jingyuan Optoelectronics in 2009, and the competition in the entire LED market is a global market competition. pattern. From this perspective, LED companies can be understood by making government resources bigger and stronger.
But the problem is that all over the country have thrown attractive LED investment strategies, which has led many companies to purchase hundreds of MOCVD equipment. “Does the local government have any estimates, do these equipments have enough professionals to manage and operate?†Zibo pointed out that a qualified epitaxial engineer can operate up to two or three devices. “So many mainland LED companies have Holding a box of money directly, going to Taiwan to grab people, formed a vicious competition."
Sanan Optoelectronics reported that at present, Sanan Optoelectronics has 77 MOCVD equipment. By June this year, the company's MOCVD equipment will reach 144, with an annual production capacity of 5.6 million pieces of epitaxial wafers. In order to eliminate investors' concerns, Sanan Optoelectronics emphasized in the financial report that the company has already reserved a large number of LED technology professionals through external recruitment and training.
An industry insider who recently contacted Li Bingjie revealed that Li Bingjie is very worried about the “very rich†mainland LED companies going to Jingyuan Optoelectronics to dig people, and even dare not send people to work in the mainland joint venture factory.
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